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. >>> now, berlusconi and bersani are already exchanging blows after what's considered to be a controversial moment in italy. berlusconi has announced he's creating a new center right grouping. meanwhile, mario monti has been accused oversimplifying solutions during the fiscal crisis. carolin is joining us now from rome. do we expect more of this rhetoric today? >> oh, definitely. not just today, but specifically over two months. elections will only be held probably on february 24th. we've got about two months of the silly campaigning season to follow. so yes, as you said, the verbal exchange is definitely heating up. it started with mr. monti's response criticism coming from officials about his renewed request for the prime minister post yesterday. he said this criticism was out of place. it was offensive not just for him, but also for all of the people in italy who have the freedom to vote. this morning, he did an interview with one of the channels here in italy and he said, i don't really care about this spread because the spread is based on fraud. that's the direct translation. meanwhile
berlusconi next year. the unexpected drop signals continued pressure from abroad. and meeting face-to-face, president obama and house speaker john boehner sit down for a one-on-one over the weekend. there are just three weeks left before the u.s. goes over the fiscal cliff. >>> italian shares are down nearly 3% this morning. for the most part, it is bank stocks leading the way down. we're now down about 2.76% on the ftse mib. bank stocks have been hit particularly hard this morning. earlier, we saw shares down 5.6%. we're seeing the same thing, whether it's bmps hitting session lows down nearly 6% comes amid concerns about leadership and economic reform in italy following mario monte's announcement that he'll resign once the budget has been passed. this move is likely to bring the country forward to elections next year. the italian prime minister has offered no clue as to whether or not he will run and it comes after sylvia berlusconi declared over the weekend he would throw his hat in the ring for the job of premier. carolyn ross is in italy following the details there. can you wa
his agenda. >>> but he has competition in the form of sylvia berlusconi. he tells cnbc he feels a responsibility to run. >> feel the need to return to the political arena to prevent the country from being delivered into the hands of a leftist party. >> and the crowds are out, the stores are ringing up those sales, but u.s. shoppers may be running low on holiday spirit. and analysts say that they're spending less, as well. hi, everybody. welcome. merry christmas out there. thank you for joining us here on the show. what we're looking at today, we've got slightly quiet markets ahead of the u.s. open. what we're seeing, though, that all the markets are being called lower across the board stateside. the dow is being called a bit lower, nasdaq is being called a bit lower and the s&p 500 being called down by a bybit, as well. we saw markets coming off on friday stateside. pretty significant drops, as well, given that we now seem to be a clashing of heads between the republicans and the democrats in regards to moving forward on the fiscal cliff issue. it does seems as though they're ru
run by monti. berlusconi hinted he may return to politics after stepping down last year. claudia joins us in milan. a number of reports suggested this may not upset investors too much just because we were going to have elections anyway, it doesn't bring it forward a lot earlier. is that the sense that you're getting? >> yes, it doesn't really change in terms of the timing. it just gives you an idea, though, of where berlusconi stands and what the situation is like within that central right next. the pdl has made it clear that there is a serious disagreement within the party. they were set to go forward with some primaries which is what the center left did to elect their candidate. and now that berlusconi has abruptly announced that he's going back, that tells you there is a lot of tension. he's trying to define the support, enough support in order to have some say in parliament even after the elections. an apparently he probably was not able to get that within his own party. as far as the situation overall is concerned, we did see the spread go higher and there are concerns. the minute
that italy can go back on to a sustainable growth path and -- >> is that with or without berlusconi involved? because end of february are these elections. >> yes. the elections are, of course, more the campaign heading into the elections with all these noises, especially the end ecb noises that we hear from italy. that's going to cause concern that if italy does need help, how likely are they going to be to get it? in the years from 1993 to 2007 italy brought down its debt to gdp ratio to almost 100% and half of that time berlusconi is prime minister. it's not like berlusconi has a record of fiscal spending. >> no. but i guess also the times were different. >> the times were different but the interest rate was slightly higher than it is now. but the primary surplus of the country ran over that period which was an acceptable 3% on average is already right now reached once again. so all the parameters are in the right place and the only thing the next government needs to do is actually nothing. if it does nothing, if it doesn't reverse the reforms -- >> what's interesting is what berlusconi is
-off that we saw on monday and the monte/berlusconi news, now berlusconi might be indicating willingness to let monti govern. the xetra dax is lower this morning. the ftse 100, too, down about 0.2% respectively. take a look at the bond curve. spain, this will be a good proxy for now. we'll get the ten year for italy in just a second. 35.34% is the level there. u.s. benefiting from fund flows well. choppy trade across the picture here. let's look at the italian curve before we get the results later today. we are seeing green across the board, so yields dipping before that probably has more to do with the political rhetoric we're seeing especially coming from berlusconi. under 4.6% for the ten-year and on the short and two, a bit of a rally. finally, let's close taking a look at the forex. euro/dollar is weaker. and it's holding just above 1.30. and the dollar/yen, this is the one sixuan mentioned to watch. heading into japanese elections, stocks outperform adding oots .1% to 83.35 this morning. >>> south korea's central bank may be worried about factors in the economy, but the dok says the econo
, berlusconi and the german chancellor merkel were present. a lot of expressions of support for a monti candidacy here. what does this imply? what are people making of this? >> it's one of these things. in all honesty, we thought that the era of berlusconi had been done and dusted and we had opened a new page. but, okay, sometimes there are some comeback kids and berlusconi could be one of them. he did say that if monti would stand, he would resolve his claim to anything, but he wanted to prevent a shift to the left in italy. that's something angela merkel could support. although she might have to face her own transition to the left as we face elections in september. it's hoped mario monti would stand again and would stay in place because clearly that was the sort of work in progress that worked well. down with the euro and italy has to walk its own way. that is not something that we would like to hear in the eu eurozone or in berlin. >> silvia, thank you so much for your time. >>> now, a weak ahead of the person of the year, the winner, north korean leader kim jong un. the magazine did
. berlusconi says spreads, this is really just a scam. monty says we should care about spreads. want to bring in a third opinion. let's talk about bepo grillo, founder of the five-star movement. not a political party but a movement which benefits from voters' disenchantment with mr. berlusconi and mr. monty. he agrees with mr. berlusconi on one thing. he says spreads are all just based on speculation. >> translator: the spread is completely detached from the real economy. the spread is mental hallucination created by speculation in the banking sector because half of the italian debt is owned by foreign banks. these banks try to get high rate in order to earn more. so we are a victim of banking speculation, of both foreign and domestic banks. we shall detach from the real economy. we need to stop this vicious cycle of debt that is strangling us. >> reporter: many would argue it's the right time for mario monty to leave the political scene. would you agree? >> translator: he needs to disappear. he was, as the americans say, a bluff, a bubble, a bankruptcy curator. our country went bankrupt last
-old berlusconi has announced an engagement to his 27-year-old girlfriend live on italian television. the billionaire revealed that he finally felt, quote, less lonely thanks to his relationship. it will be mr. berlusconi's third marriage provided he can reach divorce arrangements from his current wife. >>> now as investors prepared to head home for the long christmas holiday, we're taking a look at what is in store. a slow grind to recession, that man is david evans, chief financial economist at jeffries. thanks for joining us. when do we come out of recession in europe? >> the uk at the moment is showing clear signs of recovery. i think if we can through the first quarter of nkts year, it all will be recovering. i don't care expect this to be a real turn until the second half. as we go into the second half of next year, it will become clearer. even the eurozone is recovering. within that, you'll have very much the laggards. france won't do particularly well, but germany and italy maybe next year have a potential surprise on the upside. >> how much of a surprise? >> it will not be a
% of italians are against him running for a second turn. meanwhile, sylvia berlusconi promised yesterday if he's voted back in, he'll reverse some of monti's policies. >>> in tokyo, the newly elected prime minister is meeting with the head of the central bank. also, we'll head out to frankfurt where do you have ya mark may have dodged another bullet. >>> then it's over to hong kong. aig sells its remaining stake in aia and formally ends a partnership dating back 100 years. all of that straight ahead. i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express ecember 22nd for christmas delivery. >>> the latest numbers out of china, in the first 11 months, foreign investments led. investment from the u.s. did pick up. . on the equity front, the shanghai composite has been powering ahead up over 9% just this month. with external factors impeding economic growth, the long-term pir r picture may not be rosy. china is the only market of the year like
for a potential return to politics of silvio berlusconi. again, not clear exactly why the post there has -- there's been a postponement of the end of the year press conference. that is the case as we are learning this morning. >>> moving on to shares in ubs which are at the top of the smi in zurich after the bank announced a settlement with u.s., u.k., and swiss regulators over its role in the libor fixing scandal. ubs will pay a total fine of $1.5 billion after admitting to manipulating the rate. as well as pleading guilty to charges of fraud and bribing brokers. the swiss bank says the fine will lead to a greater than expected fourth quarter loss. but that it will not need to raise new capital. carolyn, the response here by shares positive leading, in fact, the borce as we see it. >> ubs is the better performer on the smi, up by 2.3%. yes, the story, you know, has leaked over the last couple of days. we thought the loss would be bigger. maybe -- or the fine, rather, would be about $1.6 billion. now it's only $1.5 billion. still, this is a very, very hefty fine. i mean, it's three times the amou
Search Results 0 to 10 of about 11